Machine learning algorithm sets Ethereum price for June 1, 2023

What is Machine Learning?

Machine learning is a branch of artificial intelligence (AI) and computer science which focuses on the use of data and algorithms to imitate the way that humans learn, gradually improving its accuracy.

 

Ethereum price set by Machine Learning:

Over the past week, Ethereum (ETH) has demonstrated remarkable stability in its price movements, in contrast to Bitcoin (BTC), which has experienced a decline and fell below the $27,000 mark. However, it is crucial to note that Ethereum, as the second-largest market capitalization asset, has displayed resilience and exhibited signs of strength during this period.

 

This stability in Ethereum’s price suggests a certain level of confidence and investor trust in the asset. It signifies that despite the overall market fluctuations, Ethereum has managed to hold its ground, attracting potential investors and maintaining a relatively steady value.

 

With this in mind, Finbold has consulted the machine learning algorithms over at the cryptocurrency analytics and prediction platform Price Predictions, which set the price of ETH at $1,792 on June 1, 2023, according to the latest data accessed on May 22.

 

The algorithms, which rely on technical analysis (TA) indicators, such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB), predict a decline of -1.3% to Ethereum price at press time, which is price expected to continue gradually decline over the end of the month.

 

Moving Average (MA)

A moving average (MA) is a stock indicator commonly used in technical analysis, used to help smooth out price data by creating a constantly updated average price. A rising moving average indicates that the security is in an uptrend, while a declining moving average indicates a downtrend.

 

Relative Strength Index (RSI)

The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

Bollinger Bands (BB)

Bollinger Bands are envelopes plotted at a standard deviation level above and below a simple moving average of the price. Because the distance of the bands is based on standard deviation, they adjust to volatility swings in the underlying price.

 

Conclusion:

In summary, machine learning algorithms have leveraged technical analysis indicators to determine Ethereum's price for June 1, 2023. Despite recent market fluctuations, Ethereum has displayed stability and investor confidence, maintaining a steady value amidst Bitcoin's decline. Based on these algorithms, the predicted price for Ethereum is $1,792, with a gradual decline expected towards the end of the month.

 

 

References:

 

1.     Machine Learning algorithm sets Ethereum price

2.     Moving Average (MA)

3.     Relative Strength Index

4.     Bollinger Bands (BB)

 

 

Gokul G

ISME Student Doing internship with Hunnarvi under guidance of Nanobi data and analytics. Views are personal.

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